Royal London Short Duration Credit Fund (Income - Class M Shares)

Transcription

1 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Royal London Short Duration Credit Fund (Income - Class M Shares) A sub-fund of Royal London Bond Funds ICVC ISIN: GB00BD Managed by Royal London Unit Trust Managers Limited Objectives and investment policy Objective To achieve a combination of mainly income with some capital growth over the medium to long term. Policy The Fund invests predominantly in high quality fixed or floating rate sterling denominated bonds issued by companies. The Fund has a target duration of less than five years. The Fund may use derivatives, but for efficient portfolio management purposes only. Recommendation The Fund may not be appropriate for investors who plan to withdraw their money within 5 years. Concepts to understand Bonds Securities that represent an obligation to repay a debt, with interest. High quality bonds are those that are viewed as being highly likely to make all scheduled payments of interest and principal. Low quality bonds carry higher risk but also typically pay higher rates of interest. Derivative A financial instrument whose price is dependent upon or derived from one or more underlying asset. Efficient Portfolio Management An investment technique that allows the use of derivatives for at least one of the following purposes: to increase the value of the Fund; to protect the value of the Fund or to reduce the risks of certain investments. Duration Measures the sensitivity of the price of a bond to a change in interest rates. Duration is measured in years. A lower duration means there will be a smaller impact on the price of a bond for a given change in interest rates with a higher duration resulting in a larger movement in the price of a bond. The change in the price of a bond has an inverse relationship with the change in interest rates. You can buy and sell your shares on each working day, except public holidays, at 12:00 noon if you tell us before 12:00 noon that you want to do so. Instructions received after 12:00 noon will be processed at 12:00 noon on the following working day. The following share classes are available for the Fund: Income M, Income Z. All share classes are subject to a minimum investment. If this is an income share class, any net income will be paid out to you. If this is an accumulation share class, any net income will be reinvested in the Fund. Risk and reward profile Lower potential risk/reward Higher potential risk/reward The risk and reward indicator is not a measure of the expected rise or fall in capital but shows how sharply the Fund s share price has gone up and down historically. A fund whose share price has experienced sharp or large increases or decreases will sit in a higher risk category, whereas a fund whose share price has experienced small or gradual increases or decreases will sit in a lower risk category. The Fund is ranked in risk category 3 because its unit price has shown a low to medium level of volatility historically. As an investment, bonds are typically more volatile than money market instruments but less volatile than shares. Bonds issued by corporations are typically more volatile than bonds issued by governments. The indicator has been calculated using historical data and may not be a reliable indication of the future risk profile of the Fund. The indicator is calculated using a standard methodology that is used by all companies offering such funds in Europe. The risk/reward indicator is an estimate and not a guarantee. Going forward, the Fund s actual volatility could be higher or lower, and its rated risk/reward profile could change. The lowest risk category does not mean the investment is risk free. The risk indicator does not adequately capture the following risks, which are materially relevant to the Fund: Concentration Risk Funds which invest in a smaller number of securities can carry more risk than funds spread across a larger number of companies. To the extent that the Fund has exposure to an issuer, geographical area or type of security that is heavily affected by an event, either positive or negative, its value may rise or fall. Liquidity Risk In difficult market conditions the value of certain fund investments may be less predictable than normal. In some cases this may make such investments harder to sell at the last quoted market price, or at a price considered to be fair. Such conditions could result in unpredictable changes in the value of your holding. Credit Risk Issuers of certain fixed income securities could become unable to make income or capital payments on their debt. As such the value of a security will fall in the event of a rating downgrade or default of the issuer. In general fixed income securities that pay a higher level of income usually have a lower credit rating because of the increased risk of default. Interest Rate Risk Fixed interest securities are particularly affected by trends in interest rates and inflation. If interest rates go up, the value of capital may fall, and vice versa. Inflation will also decrease the real value of capital. For more about fund risks, see the risk factors section in the full Prospectus ( Prices/) 1of2

2 Charges The charges you pay as an investor in the Fund go to cover fund operating costs. These charges reduce the performance of your investment. One-off charges taken before or after you invest: Entry charge 0.00% Exit charge 0.00% Charges taken from the fund over a year: Ongoing charge 0.39% Charges taken from the fund under specific conditions: Performance fee none The entry and exit charge is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. The charges you pay are used to pay the costs of running the Fund. These charges reduce the potential growth of the investment. For the entry and exit charges, if you are not eligible for this share class you will pay more than the amounts shown. Consult your financial adviser. The ongoing charges figure is based on expenses for the year ending 31 October This figure may vary from year to year and does not include portfolio transaction costs. Ongoing charges are the same for all investors. For more about charges, see the expenses section in the full Prospectus and supplement ( Prices/) Past performance The graph shows fund performance over the past 5 years where available. Past performance is no guarantee of future performance. The figure for a given year shows how much the Fund increased or decreased in value during that year. These results reflect ongoing charges taken from the Fund, but do not reflect any entry charges you might have to pay. The Fund was launched on 7 November 2013 and the share class on 7 November The Royal London Short Duration Credit Fund (Income - Class M Shares) in GBP 6% 5% 4% 3% 2% 1% 0% Fund Practical information Depository HSBC Bank plc Additional Information: This Key Investor Information Document (KIID) may not contain all the information you need. For additional information on the Fund (including the Supplementary Information Document), on other shares of this Fund and on other funds, or to obtain a free copy of the Fund s Prospectus or the annual and semi-annual shareholder reports, call the Information Line or write to the registered office, details of which are below. Alternatively, visit The Prospectus and shareholder reports are in English. This KIID describes one share class of the Fund. The Prospectus and annual and semi-annual shareholder reports are prepared for the entire Fund across all share classes. For fund performance and most recent share price, go to Should you wish to switch share classes or funds, please see the Switching section of the Prospectus for details. Tax: Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of their investment in the Fund. Contact your adviser to discuss tax treatment, suitability of this investment, and other questions. Notices: Royal London Unit Trust Managers may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the UCITS. The fund is a sub-fund of Royal London Bond Funds ICVC (a UCITS umbrella company). The prospectus and long reports (shareholder reports) are prepared for the entire company. The assets and liabilities of each sub-fund are segregated by law. Therefore, the assets of the fund belong exclusively to it and are not available to meet the liabilities of any other fund of Royal London Bond Funds ICVC. This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). Details of the Company's remuneration policy are available at including: (a) a description of how remuneration and benefits are calculated; and (b) the identities of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, on request from the Company, at the address below. Address: Royal London Asset Management 55 Gracechurch Street, London EC3V 0RL Telephone: Website: A member of the Investment Association Publication Date: This Key Investor Information is accurate as at 19 April Key Investor Information 2 of 2 Royal London Short Duration Credit Fund (Income - Class M Shares)

3 KEY INVESTOR INFORMATION This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. THREADNEEDLE STERLING SHORT-DATED CORPORATE BOND FUND (THE "FUND") Class 2 Income Shares (GBP) GB00BD8GMB57, a sub-fund of Threadneedle Specialist Investment Funds ICVC (the "Company"), regulated by the FCA. This sub-fund is managed by Threadneedle Investment Services Limited (the "Management Company") (part of the Columbia and Threadneedle group of companies). Objectives and Investment Policy The aim of the Fund is to provide income with the potential to grow the amount you invested. The Fund invests at least two-thirds of its assets in higher rated corporate bonds (which are similar to a loan and pay a fixed or variable interest rate) that are priced in British pounds. The bonds the Fund invests in will generally have up to five years to maturity. Higher rated bonds (as defined by international agencies that provide such ratings) are considered safer than lower rated bonds but typically pay a lower income. Any income the Fund generates will be paid to you, unless you have chosen to have it reinvested. You can buy and sell shares in the Fund on any day that is a business day in London. You can find more detail on the objectives and investment policy of the Fund in the section of the prospectus with the heading Investment Objectives, Policies and Other Details of the Funds. As part of the investment process, the Fund will make reference to the iboxx Sterling Non-Gilts (1-5 Y) Index. However, the Fund makes active investment decisions and it is likely that additional positions will be held outside the index. Risk and Reward Profile The Risk and Reward Indicator table demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. The shaded area in the table below shows the Fund s ranking on the Risk and Reward Indicator. Lower Risk, Typically lower rewards Higher Risk, Typically higher rewards The Fund is rated 2 because historically it has shown a relatively low level of volatility (how much the value of the Fund goes up and down). The lowest category does not mean a risk-free investment. The value of investments can fall as well as rise and investors might not get back the sum originally invested. Where investments are in assets that are denominated in multiple currencies, or currencies other than your own, changes in exchange rates may affect the value of the investments. The Fund invests in securities whose value would be significantly affected if the issuer refused, was unable to or was perceived to be unable to pay. The Fund holds assets which could prove difficult to sell. The Fund may have to lower the selling price, sell other investments or forego more appealing investment opportunities. Changes in interest rates are likely to affect the Fund s value. In general, as interest rates rise, the price of a fixed rate bond will fall, and vice versa. The Fund may invest in derivatives with the aim of reducing risk or minimising the cost of transactions. Such derivative transactions may benefit or negatively affect the performance of the Fund. The Manager does not intend that such use of derivatives will affect the overall risk profile of the Fund. The risks currently identified as applying to the Fund are set out in the Risk Factors section of the prospectus. Page 1 of 2

4 Charges The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry Charge: 0.00% Exit Charge: 0.00% These are the maximum charges that we might take out of your money before it is invested. In some cases, you might pay less and you should speak to your financial adviser about this. Charges taken from the fund over a year Ongoing Charges: 0.46% Charges taken from the fund under specific conditions Performance Fee: NONE The ongoing charges figure shown here is an estimate of the charges because the share/unit class is relatively new and has insufficient track record for us to calculate it exactly. The UCITS annual report for each financial year will include detail on the exact charges made. Past Performance 12% 10% 8% 6% 4% 2% 0% Fund Index* 08/ Source: Morningstar Past performance is not a guide to future performance. Fund launch date: 09/12/2016 Share/unit class launch date: 09/12/2016 Performance is calculated in GBP. All charges and fees, except any entry, exit and switching charge, have been included within the performance. fl Past performance before share class launch date includes data for another share / unit class or fund with similar characteristics. Please refer to for further details. Performance of the Fund before 09/12/16 is based on the performance of another fund, the UK Short-Dated Corporate Bond Fund (a sub-fund of Threadneedle Investment Funds III ICVC) which was merged into the Fund on that date. *iboxx Sterling Non-Gilts (1-5 Y) (Although the Fund makes reference to the index as part of the investment process, it is not intended that the performance of the Fund should track the index.) Practical Information Depositary: Citibank Europe plc, UK branch. You can obtain further information regarding the Fund, the Company, its Prospectus, latest annual reports and any subsequent half-yearly reports free of charge from the Management Company. The documents are available in English, French, German, Portuguese, Italian, Spanish and Dutch (no Dutch Prospectus). You can obtain other practical information, including current share prices, at columbiathreadneedle.com. Details of the remuneration policy, including a description of how remuneration and benefits are calculated and the persons responsible for awarding them (including the composition of the remuneration committee), are available at columbiathreadneedle.com. A paper copy is available free of charge upon request. The tax legislation of the United Kingdom may have an impact on your personal tax position. Threadneedle Investment Services Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the UCITS. This document describes a single fund of the Company. The prospectus and reports are prepared for the entire Company. The assets of the Fund are segregated by law cannot be used to pay the liabilities of other funds of the Company. You may exchange your shares for shares of other funds of the Company, if available. Details can be found in the section of the prospectus with the heading "Switching/Converting". This share class is representing other classes of the Fund, details of which can be found in the prospectus or at columbiathreadneedle.com. This Fund is authorised in the United Kingdom, and regulated by the Financial Conduct Authority. Threadneedle Investment Services Limited is authorised in the United Kingdom, and regulated by the Financial Conduct Authority. This Key Investor Information is accurate as at 17/02/2017. Page 2 of 2 en-gb

5 BlackRock UK Income Fund Objectives and Investment Policy KEY INVESTOR INFORMATION This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. Class S Accumulating GBP ISIN: GB00BK1PJS47 Manager: BlackRock Fund Managers Limited The Fund aims to achieve an above average, and growing, income without sacrificing the benefits of long-term capital growth on your investment. The Fund invests primarily in the equity securities (e.g. shares) of companies incorporated, or listed on a stock exchange, in the United Kingdom. The Fund has the flexibility to invest outside of the asset class set out above. The investment adviser has discretion to select the Fund's investments and in doing so may take into consideration the FTSE All-Share Index. Recommendation: This Fund may not be appropriate for short-term investment. Your units will be accumulating (i.e. dividend income will be included in their value). Your units will be denominated in Sterling, the Fund's base currency. You can buy and sell your units daily. The minimum initial investment for this unit class is 50,000,000. For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at Risk and Reward Profile Lower risk Typically lower rewards Higher risk Typically higher rewards The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free. The Fund is rated five due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund s investments or expose the Fund to losses. - Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events. - The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events. Particular risks not adequately captured by the risk indicator include: - Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss.

6 Charges The charges are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. The entry and exit charges shown are maximum figures. In some cases you might pay less. Please refer to your financial advisor or the distributor for the actual entry and exit charges. *Subject to a charge of up to 2% paid into the Fund where the Manager suspects excessive trading by an investor. The ongoing charges figure is based on expenses for the twelve month period ending 23 December This figure may vary from year to year. It excludes portfolio trade-related costs, except costs paid to the custodian and any entry/exit charge paid to an underlying collective investment scheme (if any). Past Performance Past performance is not a guide to future performance. The chart shows the Fund's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in The unit class was launched in Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation. Benchmark:FTSE All Share Index (GBP) Practical Information ** To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the ongoing charges. One-off charges taken before or after you invest Entry Charge 5.00% Exit Charge This is the maximum that might be taken out of your money before it is invested or before proceeds of your investments are paid out. Charges taken from the Fund over each year None* Ongoing Charges 0.80%** Charges taken from the Fund under certain conditions Performance Fee Historic performance to 31 December 2016 None Fund 9.1 Benchmark 16.8 The trustee of the Fund is BNY Mellon Trust & Depositary (UK) Limited. The trustee has delegated the function of custodian of the Fund to the Bank of New York Mellon (International) Limited. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the Fund. These documents are available free of charge in English. These can be found, along with other information, such as unit prices, on the BlackRock website at or by calling Investor Services on Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund. BlackRock Fund Managers Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus. The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at or on request from the registered office of the Management Company. This Fund is authorised in the UK and regulated by the Financial Conduct Authority. BlackRock Fund Managers Limited, the manager, is authorised in the UK and regulated by the Financial Conduct Authority. This Key Investor Information is accurate as at 08 February 2017

7 BlackRock Corporate Bond Fund Objectives and Investment Policy KEY INVESTOR INFORMATION This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. Class S Accumulating GBP ISIN: GB00BK1PJT53 Manager: BlackRock Fund Managers Limited The Fund aims to maximise the return on your investment through a combination of capital growth and income. The Fund invests principally in fixed income securities (such as bonds) and money-market instruments (i.e. debt securities with short-term maturities) which are issued by companies. The fixed income securities and money-market instruments may also be issued by governments, government agencies and supranationals (e.g. the International Bank for Reconstruction and Development). The Fund will invest in the full range of fixed income securities and money-market instruments which may include investments with a relatively low credit rating or which are unrated. Where the Fund invests in assets denominated in a currency other than Sterling, the investment adviser will use derivatives in order to reduce the effect of fluctuations in the exchange rate between that other currency and Sterling. A derivative is an investment the price of which is based on one or more underlying assets. The investment adviser may use derivatives to reduce risk within the Fund s portfolio, reduce investment costs and generate additional income. The Fund may, via derivatives, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets). The investment adviser has discretion to select the Fund's investments and in doing so may take into consideration the Bank of America Sterling Corporate Bond Index. Recommendation: This Fund may not be appropriate for short-term investment. Your units will be accumulating (i.e. dividend income will be included in their value). Your units will be denominated in Sterling, the Fund's base currency. You can buy and sell your units daily. The minimum initial investment for this unit class is 50,000,000. For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at Risk and Reward Profile Lower risk Typically lower rewards Higher risk Typically higher rewards The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund. The risk category shown is not guaranteed and may change over time. The lowest category does not mean risk free. The Fund is rated three due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund s investments or expose the Fund to losses. - Changes to interest rates, credit risk and/or issuer defaults will have a significant impact on the performance of fixed income securities. Noninvestment grade fixed income securities can be more sensitive to changes in these risks than higher rated fixed income securities. Potential or actual credit rating downgrades may increase the level of risk. - Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains, resulting in greater fluctuations in the value of the Fund. The impact to the Fund can be greater where derivatives are used in an extensive or complex way. Particular risks not adequately captured by the risk indicator include: - Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. - Credit Risk: The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due. If a financial institution is unable to meet its financial obligations, its financial assets may be subject to a write down in value or converted (i.e. bail-in ) by relevant authorities to rescue the institution. - Liquidity Risk: Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily.

8 Charges The charges are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. The entry and exit charges shown are maximum figures. In some cases you might pay less. Please refer to your financial advisor or the distributor for the actual entry and exit charges. *Subject to a charge of up to 2% paid into the Fund where the Manager suspects excessive trading by an investor. The ongoing charges figure is based on expenses for the twelve month period ending 25 January This figure may vary from year to year. It excludes portfolio trade-related costs, except costs paid to the custodian and any entry/exit charge paid to an underlying collective investment scheme (if any). Past Performance Past performance is not a guide to future performance. The chart shows the Fund's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in The unit class was launched in Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation. Benchmark:BofA ML Sterling Corporate Index (GBP) Practical Information ** To the extent the Fund undertakes securities lending to reduce costs, the Fund will receive 62.5% of the associated revenue generated and the remaining 37.5% will be received by BlackRock as the securities lending agent. As securities lending revenue sharing does not increase the costs of running the Fund, this has been excluded from the ongoing charges. One-off charges taken before or after you invest Entry Charge 5.00% Exit Charge This is the maximum that might be taken out of your money before it is invested or before proceeds of your investments are paid out. Charges taken from the Fund over each year None* Ongoing Charges 0.52%** Charges taken from the Fund under certain conditions Performance Fee Historic performance to 31 December 2016 None Fund Benchmark The trustee of the Fund is BNY Mellon Trust & Depositary (UK) Limited. The trustee has delegated the function of custodian of the Fund to the Bank of New York Mellon (International) Limited. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the Fund. These documents are available free of charge in English. These can be found, along with other information, such as unit prices, on the BlackRock website at or by calling Investor Services on Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund. BlackRock Fund Managers Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Fund's prospectus. The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at or on request from the registered office of the Management Company. This Fund is authorised in the UK and regulated by the Financial Conduct Authority. BlackRock Fund Managers Limited, the manager, is authorised in the UK and regulated by the Financial Conduct Authority. This Key Investor Information is accurate as at 14 February 2017

9 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Premier UK Money Market Fund Class B Units Class B Income Units, ISIN no.gb00b8hdq548 (representative Unit) & Class B Accumulation Units, ISIN no. GB00BTHH0F18 Authorised Fund Manager - Premier Portfolio Managers Ltd. Objectives and investment policy The aim of the Fund is to give you an income, paid to you each quarter. The Fund will mainly invest in different types of short-dated UK money market assets. The Fund is actively managed which means that the Fund Manager will choose the investments, currencies and markets held in the Fund but always within the boundaries outlined in the Fund s objective and policy. The full investment objective and policy, which outline all the eligible investments, are available in the Fund s prospectus. You can buy, sell and switch units in the Fund on any UK business day. We will need to receive your instruction before 12 noon to buy units at that day s price. Terms Explained: Accumulation Units: any income made by the Fund will be reinvested to grow the value of your investment. Income Units: any income made by the Fund will be paid out to you. Risk and reward profile The Risk and Reward Indicator table demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. The shaded area in the table below shows the Fund s ranking on the Risk and Reward Indicator. Typically lower rewards, lower risk Typically higher rewards, higher risk The Fund is ranked as 1 because it has experienced low rises and falls in value over the past five years. Please note that even the lowest ranking does not mean a risk-free investment. The Fund invests its assets in high quality short maturity debt securities which show low volatility in price but also tend to produce a fairly low reward. The indicator may not take fully into account the following risks of investing in this fund: Credit risk: if the issuer of a security is unable to make income payments or to repay its debt. Liquidity risk: during difficult market conditions money market instruments may become more difficult to sell at a desired price. Legal or tax risk: arising from a change in legal regulations, tax rules or the application of them. Interest rate risk: very low interest rates may result in the Fund producing a negative return over a given period of time, as the ongoing charges for the Fund may be higher than the interest received. A more detailed description of the risks identified as being applicable to the Fund are set out in the Risk Factors section of the Prospectus. Page 1 of 2

10 Charges The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge 0.00% Exit charge 0.00% These are the maximum charges that we might take out of your money before it is invested and before we pay out the sale proceeds of your investment. In some cases, you might pay less and you should speak to your financial adviser about this. Charges taken from the Fund over a year Ongoing charges 0.31% Charges taken from the Fund under specific conditions Switching charge (for switching into the Fund from another fund) 0.00%. The ongoing charges figure is based on the last year s expenses and may vary from year to year. It excludes the costs of buying or selling assets for the Fund (unless these assets are shares of another fund). For more information about charges, please refer to the Fund's prospectus. For the Ongoing Charge, the figure was calculated as at 31/07/2016. Performance fee NONE Past performance % Fund You should be aware that past performance is not a guide to future performance. Fund launch date: 01/08/1989. Share/unit class launch date: 22/10/2012. Performance is calculated in GBP. Performance is net of charges (excluding entry charge) and net of tax. Practical information This document should be read in conjunction with the Supplementary Information Document (SID). For further information about the Fund, including the SID, a free English language copy of the full Prospectus, half-yearly and annual reports and accounts, please visit call us on or write to us at Premier Portfolio Managers Limited, PO Box 3733, Royal Wootton Bassett, Swindon SN4 4BG. You can also obtain other practical information including the current price of units in the Fund on the website. You can exchange your units for shares of another Fund ( New Shares ). A full list of the other Funds available can be found on our website. For more information on how to switch to another Fund, please call us on or see the Prospectus on our website. The Fund s Depositary is Northern Trust Global Services Limited. UK tax legislation may have an impact on your personal tax position. Premier Portfolio Managers Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. The Fund is an authorised unit trust scheme. The Class B Income Units have been used as representative. Information about the unit classes available can be found in the Prospectus. A copy of the Remuneration Policy, which includes a description of how remuneration and benefits are calculated and the identity of those who make up the Remuneration Committee, which is responsible for awarding remuneration and benefits, is available within the Important Information section of the website ( A paper copy will be made available free of charge, upon request. The Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority. Premier Portfolio Managers Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority of 25 the North Colonnade, Canary Wharf, London, E14 5HS with registered address Eastgate Court, High Street, Guildford, Surrey, GU1 3DE. Premier Portfolio Managers Ltd is registered in England No This Key Investor Information is accurate as at 8/06/2017. Page 2 of 2

11 KEY INVESTOR INFORMATION This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Kames Investment Grade Bond Fund a sub-fund of Kames Capital ICVC Sterling Class B - Accumulation shares (ISIN: GB00B141C763) This fund is managed by Kames Capital plc. Objectives and investment policy Objective: to provide a combination of capital growth and income. Policy: invests primarily in investment grade (lower risk) bonds issued by companies and governments worldwide. The Fund may also invest in: 2 Up to 20% in high yield (higher risk) bonds issued by companies and governments; 2 Cash, deposits and money market instruments (a form of debt security); and 2 Derivatives (financial contracts whose value is linked to an underlying asset). Within the limits set out above, the Fund is not restricted by market sector. It is not constrained by any benchmark or index. The Fund may use investment techniques to manage risks and costs. These techniques include 'hedging' (using derivatives and other financial contracts to reduce the risk associated with: (i) making investments in other currencies; or (ii) interest rates changing). Up to 20% of the Fund may not be 'hedged' i.e. the Fund is exposed to the risks of investing in another currency for this portion. Other information You can buy, sell or exchange the Fund's shares on any business day (see 'Dealing Day' in the Prospectus Definitions for more information). Income the Fund receives will be reinvested and automatically reflected in the value of your shares. It is expected that the Fund will be held as part of a diversified portfolio which may include other assets such as bonds, equities, property and cash. Risk and reward profile Lower risk / Higher risk / potentially lower rewards potentially higher rewards The risk/reward profile shows the risk of investing in the Fund, based on the rate at which its value has changed in the past. This Fund has the above risk/reward rating because bond prices can be affected by political or economic events, changes in exchange rates, and changes in interest rates. The Fund's category is not guaranteed and may change over time. It is calculated using historical data, which may not be a reliable indication for the future. Category 1 does not mean 'risk free'. The following risks, which are not, or are not fully, reflected in the risk/ reward profile are also relevant to the Fund: Credit: An issuer of bonds may be unable to make payments due to the Fund (known as a default). The value of bonds may fall as default becomes more likely. Both default and expected default may cause the Fund's value to fall. Investment grade bonds generally offer lower returns because of their lower default risk. Liquidity: The Fund's value may fall if bonds become more difficult to trade or value due to market conditions or a lack of supply and demand. This risk increases where the Fund invests in high yield bonds. Counterparty: Investments such as derivatives are made using financial contracts with third parties. Those third parties may fail to meet their obligations to the Fund due to events beyond our control. The Fund's value could fall because of: (i) loss of monies owed by the counterparty; and/or (ii) the cost of replacement financial contracts. Other markets: The Fund may invest in countries which have less developed political, economic and legal systems and which provide fewer investor protections. Difficulties in buying, selling, safekeeping or valuing investments in such countries may reduce the value of the Fund. Concentration risk: The Fund may invest more than 35% of its value in securities issued by a single Government or other Public issuer. Holding a limited number of underlying investments means a change in the value of any one investment has more impact on the Fund's value. This increases potential gain but also potential loss. Derivatives: The value of derivatives depends on the performance of an underlying asset. Small changes in the price of that asset can cause larger changes in the value of the derivative. This increases potential gain but also potential loss. Interest Rate Risk: Bond values are affected by changes in interest rates. When interest rates rise, the value of the Fund is likely to fall. Full details of risks are disclosed in the section 'Risk Factors' in the Prospectus.

12 Charges The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge 0.00% Exit charge 0.00% This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. Charges taken from the fund over a year Ongoing charges 0.79% Charges taken from the fund under certain specific conditions Performance fee None The entry and exit charges shown are the maximum figures, and in some cases you may pay less. You can find out specific charges which apply to your investment by contacting your financial adviser, distributor, or by contacting us using the details given in the Practical Information section. The ongoing charge is based on expenses for the year to 31 December This figure may vary from year to year. It excludes any portfolio transaction costs (except in the case of an entry/exit charge paid by the Fund when buying and selling shares in another fund). Switches or Conversion: 1st 4 in any calendar year are free, and subject to a charge of 1.5% on each transaction thereafter. More detailed information on charges can be found in the 'Fees and Expenses' section of the Prospectus. Past performance % Sterling Class B (GB00B141C763) Past performance is not a guide to future performance. Fund launch date: 01 June 2006 Share class launch date: 01 June 2006 Performance is calculated in GBP. The past performance calculation does not take into account the entry and exit charges but does take into account the ongoing charge, as shown in the 'Charges' section. Source: Lipper Practical information Kames Capital ICVC is a UCITS scheme structured as an umbrella company with various sub-funds, with segregated liability between sub-funds. This document describes one sub-fund of the UCITS; the Prospectus and the Report and Accounts are prepared for the entire UCITS. You can exchange your holdings into another share class of the Fund, or another sub-fund of the UCITS, at any time. More detailed information on exchanging can be found in the 'Buying, Redeeming, Switching and Conversion of Shares' section of the Prospectus. The assets and liabilities of the Fund are segregated by law. Accordingly, the assets of this Fund belong exclusively to it and may not be used to meet the liabilities of, or claims against, any other fund within the Kames Capital ICVC. Any liability incurred on behalf of, or attributable to, the Fund shall be discharged solely out of the assets of the Fund. The depositary is National Westminister Bank plc. The prices of shares will be published daily on our website ( Further information about the Fund and copies of the Prospectus and the latest Annual and Semi-Annual Report and Accounts can be obtained, free of charge, on our website ( or by calling These documents are available in English. You should be aware that tax legislation in the UK (where the Fund is authorised) may have an impact on your personal tax position. Kames Capital plc may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus. Details of the up to date remuneration policy of Kames Capital plc ( the Company ) including but not limited to, a description of how remuneration and benefits are calculated, the identity of persons responsible for awarding the remuneration and benefits, are available at A paper copy will be available free of charge upon request at the registered office of the Company. Kames Capital ICVC is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information is accurate as at 15/02/2017.

13 KEY INVESTOR INFORMATION This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Legal & General Asian Income Trust I Class Accumulation ISIN: GB00B409KQ03 This fund is managed by Legal & General (Unit Trust Managers) Limited. OBJECTIVE AND INVESTMENT POLICY Objective The objective of this fund is to provide income, with some potential for growth. Investment policy: The fund will typically invest between 90% and 100% in company shares. The fund will invest in a broad spread of company shares from all economic sectors. The company shares the fund invests in will be from Asia (excluding Japan), the rest of the Pacific region and Australasia. The fund may use derivatives (contracts which have a value linked to the price of another asset) to: reduce risk or cost; or generate additional capital or income with no, or an acceptably low, level of risk. The fund may also invest in cash or deposits. Other information: RISK AND REWARD PROFILE Lower risk Potentially lower rewards Higher risk Potentially higher rewards This risk and reward indicator is based on historical data which may not be a reliable indication of the fund's risk and reward category in the future. The category is based on the rate at which the value of the fund has moved up and down in the past. This fund is in category 5 because it invests in company shares which generally provide higher rewards and higher risks than other investments such as bonds, cash or commercial property. The fund's category is not guaranteed to remain the same and may change over time. Even a fund in the lowest category is not a risk free investment. The value of your investment may fall as well as rise and is not guaranteed. You might get back less than you invest. If you hold accumulation units, income from investments held by the fund (dividends) will be reinvested into the value of your units. You can buy or sell units in this fund on any working day. You need to contact us with your instruction before 12 noon. This is the time we calculate unit prices for this fund. If you contact us after 12 noon, the units will be bought or sold at the next working day's price. This fund is designed for investors seeking income from an investment which can form part of their existing savings portfolio. Although investors can take their money out at any time, this fund may not be appropriate for those who plan to withdraw their money within five years. If you do not understand this document we recommend you seek additional information to help you decide if this fund is right for you. The risk and reward indicator may not take account of the following risks of investing in the fund: The fund could lose money if any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, becomes unwilling or unable to meet its obligations to the fund. Derivatives are highly sensitive to changes in the value of the asset on which they are based and can increase the size of losses and gains. The fund may have underlying investments that are valued in currencies that are different from Sterling (British Pounds). Any such investments will be impacted by exchange rate fluctuations and this may affect the value of your investment and any income from it. Currency hedging techniques may have been applied to reduce the impact of exchange rate fluctuations but may not entirely eliminate it. We take the ongoing charges from the fund s capital rather than the fund s income. This increases the amount of income you may be paid, but it reduces the growth potential and may lead to a fall in the value of the fund. If you use your right to cancel your investment, you may not get a full refund if the value of your investment falls before we carry out your instruction.

14 (return %) CHARGES FOR THIS FUND The charges you pay are used to pay the costs of running the fund, including the costs of marketing, distribution and investment research. These charges reduce the potential return from your investment. One-off charges taken before or after you invest Entry charge 0.00%* Exit charge 0.00%* This is the maximum that might be taken out of your money before it is invested. *The fund also incurs a unit price spread. See opposite. Charges taken from the fund over a year Ongoing charges 0.93% Charges taken from the fund under certain specific conditions Performance fee PAST PERFORMANCE None The entry and exit charges shown are maximum figures. In some cases (including when switching to other funds managed by us) you might pay less - you can find out the actual figures from us or your financial adviser. The ongoing charges figure is based on the latest available expenses at December This figure may change in the future. This fund's ongoing charges include any charges made by any other funds it may invest in. Other costs: Unit price spread: each day there are two prices for this fund: a higher price you pay to buy units and a lower price you receive when you sell units. The fund manager sets these prices. The difference between these prices is called the 'spread'. The spread is separate to the entry, exit and ongoing charges shown in this section. This fund's spread reflects the difference between the buying and selling prices of the assets it holds and costs associated with buying and selling the assets. The spread can change at any time and by any amount. As an example, the buying price for units in this fund was 0.49% higher than the selling price at 31 December For more information about charges and costs, please see the charges and expenses section in the fund's Prospectus, or visit our website at legalandgeneral.com/chargesandfees Fund Past performance is not a guide to future performance. The figures take into account all charges except any entry charge, and assume income (after any tax) is reinvested. The performance has been calculated in Sterling (British Pounds). The annual return is for a 12 month period ending 31 December. The fund launched in This unit class launched in PRACTICAL INFORMATION The trustee is Northern Trust Global Services Limited. You can find further information about the fund in its Prospectus and latest annual and half-yearly reports at A Guide to Investing with Us at gives further information about investing generally. These documents are also available from: Legal & General Investments, PO Box 6080, Wolverhampton WV1 9RB. We will provide documents free of charge and in English. You can get other practical information, including the latest buying and selling prices, spreads and details of any other unit classes that are available, by calling us on Monday to Friday between 8.30am and 6.00pm. Call charges will vary. You can also find details of how we price units in A Guide to Investing with Us. UK tax legislation may have an impact on your personal tax position. Legal & General (Unit Trust Managers) Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the fund. You can find details of our Remuneration Policy at You can also request a paper copy free of charge. The Policy includes details of our Remuneration Committee and how remuneration and benefits are calculated. This fund is authorised in the UK and regulated by the Financial Conduct Authority. This key investor information is accurate as at 15 February 2017.

15 Key Investor Information This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. M&G UK Inflation Linked Corporate Bond Fund a sub-fund of M&G Investment Funds (10) Sterling Class I Income shares ISIN no. GB00B44JC482 Sterling Class I Accumulation shares ISIN no. GB00B460GC50 Managed by M&G Securities Limited, which is part of the Prudential Group UK K1 UKIL GBP I EN UK Objective and investment policy The fund aims to protect the value of capital and income from inflation by generating a return at least consistent with UK inflation over any three to five-year period. There is no guarantee that the fund will achieve its objective over this, or any other, period. The income distributions and the value of your investment may rise and fall and you may not get back the amount you originally invested. Core investment: At least 70% of the fund is invested in investment grade corporate bonds, typically inflation-linked bonds. A significant part of this exposure is gained through the use of derivatives combined with inflation-linked government bonds. Other investments: The fund may also invest in inflation-linked government bonds, as well as non-inflation linked bonds that would be expected to perform well in an inflationary environment, such as short-dated corporate bonds and floating rate notes. Use of derivatives: Derivatives may be used to gain exposure to the fund s core and other investments, to reduce risks and costs and to manage the impact of changes in currency exchange rates on the fund s investments. Strategy in brief: The fund is designed to provide protection from the negative effects of inflation. The fund will typically be positioned with a low sensitivity to movements in interest rates, in order to minimise the negative impact of rising bond yields which are common in an inflationary environment. Spreading investments across issuers, industries and countries is an essential element of the fund s strategy and the manager is assisted in his selection of individual bonds by an in-house team of credit analysts. Glossary terms Bonds: Loans to governments and companies that pay interest. Derivatives: Financial contracts whose value is derived from other assets. Floating rate notes (FRNs): A type of bond whose interest payments, or coupons, are adjusted in line with movements in interest rates. Inflation-linked Bonds: Bonds where both the value of the loan and the interest payments are adjusted in line with inflation over the life of the security. Investment grade corporate Bonds: Bonds issued by a company with a medium or high credit rating from a recognised credit rating agency. They are considered to be at lower risk from default than those issued by companies with lower credit ratings. Short-dated corporate Bonds: Bonds issued by companies and repaid over relatively short periods. Other information The fund may invest more than 35% in securities issued or guaranteed by a member state of the European Economic Area or other countries listed in the fund s Prospectus. This investment may be combined with the use of derivatives in pursuit of the fund s investment objective. The fund manager has the freedom to decide which investments should be held in the fund. You can buy and sell shares in the fund on any business day. Provided we receive your instructions before 12 noon, shares will be bought at that day s price. If you hold Income shares, any income from the fund may be paid out to you semiannually. If you hold Accumulation shares, any income from the fund will be rolled up into the value of your investment. In addition to the charges set out in the charges section, the fund will incur portfolio transaction costs which are paid from the assets of the fund. These can be higher when investing outside Europe. Risk and reward profile Low risk Typically lower rewards High risk Typically higher rewards The above risk number is based on the rate at which the value of the fund has moved up and down in the past. It may not be a reliable indicator of the future risk profile of the fund. The risk number shown is not guaranteed and may change over time. The lowest risk number does not mean risk free. The main risks that could affect performance are set out below: The value of investments and the income from them will rise and fall. This will cause the fund price, as well as any income paid by the fund, to fall as well as rise. There is no guarantee the fund will achieve its objective, and you may not get back the amount you originally invested. The value of the fund may fall if the issuer of a fixed income security held is unable to pay income payments or repay its debt (known as a default). For accumulation shares, if inflation is low or zero, there is a risk that the fund s expenses exceed the income it earns. If this happens, any shortfall will be taken from the fund s capital and the fund s capital growth will be reduced. The fund may use derivatives with the aim of profiting from a rise or a fall in the value of an asset (for example, a company s bonds). However, if the asset s value varies in a different manner, the fund may incur a loss. This fund is subject to effective yield accounting. As a result, part of its capital inflation protection will be distributed to holders of income shares. Income shareholders will therefore, in effect, be receiving part of the capital protection as income. When interest rates rise, the value of the fund is likely to fall. Where market conditions make it hard to sell the fund s investments at a fair price to meet customers sale requests, we may temporarily suspend dealing in the fund s shares. Some transactions the fund makes, such as placing cash on deposit, require the use of other financial institutions (for example, banks). If one of these institutions defaults on their obligations or becomes insolvent, the fund may incur a loss. A more detailed description of the risk factors that apply to the fund can be found in the fund s Prospectus.

16 Charges The charges shown in the table are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge 1.00% Exit charge 0.00% The entry charge is the maximum that might be taken out of your money before it is invested. Charges taken from the fund over a year Ongoing charge 0.66% Charges taken from the fund under certain specific conditions Performance fee None The entry and exit charges shown are the maximum figures and, in some cases, you may pay less. You can find out the exact charges which apply to your investment by contacting your financial adviser or distributor or, if you have invested directly with us, you can contact us using the details given in the practical information section. The ongoing charge is based on expenses for the year ending 30 September This figure may change from year to year. It excludes portfolio transaction costs. For Income shares, the ongoing charge is taken from investments held in the fund s portfolio and not from the income these investments produce. The deduction of this charge will reduce the potential growth of your investment. Past performance % (1.0) (2.0) (3.0) 2007 Fund Past performance is not a guide to future performance. The past performance calculation excludes UK taxes from 1 October It does not take into account the entry and exit charges but does take into account the ongoing charge, as shown in the charges section. The Fund launched on 16 September The Sterling Class I Accumulation share class and Sterling Class I Income share class launched on 16 September Past performance is calculated using Sterling Class I Income shares (0.7) (1.7) 5.7 For more information on charges, please see the relevant sections of the Prospectus at UK K1 UKIL GBP I EN UK Practical information The depositary is National Westminster Bank plc. For more information about this fund, please visit where you will find a copy of the Prospectus, Instrument of Incorporation, and the latest annual or interim Investment Report and Financial Statements. These documents are in English and are available free of charge. Our website also provides other information such as share prices. UK tax laws apply to the fund, and this may affect your personal tax position. Please speak to an adviser for more information. M&G Securities Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the fund. The fund is a sub-fund of M&G Investment Funds (10), an umbrella Open Ended Investment Company (OEIC). The Prospectus, and annual or interim Investment Report and Financial Statements contain information about all of the sub-funds in M&G Investment Funds (10). The assets of each sub-fund within the umbrella OEIC are segregated by law. This means that the assets belong exclusively to that sub-fund and shall not be used or made available to pay the debts of any other sub-fund or the umbrella OEIC. You may switch between other sub-funds of M&G Investment Funds (10). An entry charge may apply. Details on switching are provided in the Important Information for Investors document and the fund s Prospectus, or by calling M&G Customer Relations on Other share classes may exist for the fund as set out in the relevant Prospectus. For up-to-date details of the staff remuneration policy that applies to M&G Securities Limited, including a description of how remuneration and benefits are calculated, the make-up of the remuneration committee, and the identities of persons responsible for awarding the remuneration and benefits, please visit We will provide a paper copy of this information, free of charge, if you require one. This Fund is authorised in the UK and regulated by the Financial Conduct Authority. M&G Securities Limited is authorised in the UK and regulated by the Financial Conduct Authority. This key investor information is accurate as at 28 April 2017.

17 KEY INVESTOR INFORMATION This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. FIXED INCOME AXA Sterling Credit Short Duration Bond Fund A Sub-Fund of AXA Fixed Interest Investment ICVC Share class: AXA Sterling Credit Short Duration Bond Fund Z (Net) Accumulation GBP (ISIN: GB00B5VLK178) This Sub-Fund is managed by AXA Investment Managers UK Limited, part of the AXA IM Group Share Class Z (Net) Accumulation GBP (GB00B5VLK178) is representative for Share Class Z (Net) Income GBP (GB00B5WB6639). Objective and Investment Policy Investment Objective The aim of the Fund is to provide income combined with any capital growth. Investment Policy The Fund invests primarily in a diversified portfolio of investment grade bonds issued by companies where the period for full repayment of the bond by the company is expected to be less than 5 years with the aim of reducing the effect of fluctuations in interest rates. The fund manager seeks to reduce the effect of credit risk through diversification and its analysis and selection of bonds. Where bonds are denominated in a currency other than Sterling, the Fund aims to reduce the risk of movements in exchange rates between such currency and Sterling through the use of derivatives (financial instruments which derive their value from the value of other assets). The Fund may also use derivatives in an attempt to reduce the overall risks of its investments, reduce the costs of investing or generate additional capital or income (known as Efficient Portfolio Management - EPM). Income Income from investments in the Fund may be paid out to you directly if you hold income shares. Risk and Reward Profile Lower risk Potentially lower reward Higher risk Potentially higher reward The risk category is calculated using historical performance data and may not be a reliable indicator of the Fund's future risk profile. The risk category shown is not guaranteed and may shift over time. The lowest category does not mean risk free. Why is this Fund in this category? The capital of the Fund is not guaranteed. The Fund is invested in financial markets and uses techniques and instruments which are subject to low levels of variation under normal market conditions but which may still result in losses. Additional Risks Counterparty Risk: failure by any counterparty to a transaction (e.g. derivatives) with the Fund to meet its obligations may adversely affect the value of the Fund. The Fund may receive assets from the counterparty to protect against any such adverse effect but there is a risk that the value of such assets at the time of the failure would be insufficient to cover the loss to the Fund. Income from investments in the Fund will be rolled up into the value of your shares if you hold accumulation shares. Fund Currency The reference currency of the Fund is Sterling. Investment Horizon This Fund may not be suitable for investors who plan to withdraw their contribution within five years. Processing of subscription and redemption orders Your orders to buy, sell or transfer shares in the Fund, must be received by the Administrator by 12 noon on any working day to receive that day's Fund price. Also this Fund has another Valuation Point on the last business day of each month and therefore an additional dealing cut off at 4.30pm on that day only. Please note that if your order is placed by an intermediary or Financial Adviser, they may require extra processing time. The Net Asset Value of this Fund is calculated on a daily basis. Minimum initial investment: 100,000 Minimum subsequent investment: 5,000 Credit Risk: the risk that an issuer of bonds will default on its obligations to pay income or repay capital, resulting in a decrease in Fund value. The value of a bond (and, subsequently, the Fund) is also affected by changes in market perceptions of the risk of future default. Investment grade issuers are regarded as less likely to default than issuers of high yield bonds. Derivatives: derivatives can be more volatile than the underlying asset and may result in greater fluctuations to the Fund's value. In the case of derivatives not traded on an exchange they may be subject to additional counterparty and liquidity risk. Interest Rate Risk: fluctuations in interest rates will change the value of bonds, impacting the value of the Fund. Generally, when interest rates rise, the value of the bonds fall and vice versa. The valuation of bonds will also change according to market perceptions of future movements in interest rates. Liquidity Risk: some investments may trade infrequently and in small volumes. As a result the Fund manager may not be able to sell at a preferred time or volume or at a price close to the last quoted valuation. The Fund manager may be forced to sell a number of such investments as a result of a large redemption of shares in the Fund. Depending on market conditions, this could lead to a significant drop in the Fund's value and in extreme circumstances lead the Fund to be unable to meet its redemptions. Further explanation of the risks associated with an investment in this Fund can be found in the prospectus.

18 KEY INVESTOR INFORMATION FIXED INCOME AXA Sterling Credit Short Duration Bond Fund Charges The charges you pay are used to pay the cost of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge Exit charge none none This is the maximum that might be taken out of your money before it is invested. The entry and exit charges shown are maximum figures. In some cases, you might pay less - you can find this out from your Financial Adviser. The ongoing charges figure is based on expenses for the twelve month period ending December This figure may vary from year to year. It excludes: Q Performance fees Q Portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking For more information about charges, please refer to AXA IM website: as well as the Charges section of the prospectus which is available at Charges taken from the fund over a year Ongoing charge 0.42% Charges taken from the fund under certain specific conditions Performance fees none Past Performance % Q AXA Sterling Credit Short Duration Bond Fund Z (Net) Accumulation GBP (GB00B5VLK178) Past performance is not a reliable indicator of future results. Past performance is shown after the deduction of ongoing charges. Any entry/exit fees are excluded from the calculation. The Fund was launched on 12/11/2010. Past performance has been calculated in Sterling and is expressed as a percentage change of the Fund's Net Asset Value at each year end Practical Information Depositary: HSBC Bank Plc Registered Office 8 Canada Square London, E14 5HQ Further information: more detailed information on this Fund, such as the prospectus as well as the latest annual and semi-annual report, can be obtained free of charge from the Fund's Management Company, the Administrator, the Fund's distributors or online at These documents are available in English. The assets and liabilities of the Fund are segregated by UK law and are therefore protected from any losses suffered by other Sub-Funds in the AXA Fixed Interest Investment ICVC. More share classes are available for this Fund. For more details about other share classes, please refer to the prospectus, which is available at Details of the up to date remuneration policy of the Management Company are published online at This includes the description of how remuneration and benefits are awarded for employees, and information on the remuneration committee. The Management Company provides a paper copy free of charge upon request. Net Asset Value Publication: the Net Asset Value per share is available at and at the registered office of the Fund's Management Company. Tax Legislation: the Fund is subject to the tax laws and regulations of the United Kingdom. Depending on your own country of residence this might have an impact on your investments. For further details, you should consult a tax adviser. Specific Share Class Information: Share Class Z (Net) Accumulation GBP (GB00B5VLK178) is representative for Share Class Z (Net) Income GBP (GB00B5WB6639). Liability Statement: AXA Investment Managers UK Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the Fund. Switching between Funds: shareholders may apply for their shares to be converted into shares of another Fund, provided that the conditions for accessing the target share class are fulfilled. Investment would be at the Net Asset Value of the target fund, calculated on the Valuation Day following receipt of the conversion request. The redemption and subscription costs connected with the conversion may be charged to the shareholder as indicated in the prospectus. For more details about how to switch Fund, please refer to the section in the Fund's prospectus entitled "Can I switch shares and what are the implications?", which is available at This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). AXA Investment Managers UK Limited is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). This key investor information is accurate as at 10/04/2017.

19 KEY INVESTOR INFORMATION This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. Aviva Investors UK Equity Income Fund, Class 2, Accumulation shares, GBP, a sub-fund of the Aviva Investors Investment Funds ICVC (ISIN: GB00B6R51K64). The Fund is managed by Aviva Investors UK Fund Services Limited. OBJECTIVES AND INVESTMENT POLICY The Fund aims to provide an income above that of the FTSE All- Share Index. The Fund will invest in the shares of a broad range of UK companies based on the Investment Managers view of their long term return prospects, both in terms of potential income and share price growth. Typically at least 80% of the Fund will be invested in the shares of UK companies. The Investment Manager actively makes the investment selection decisions for the Fund. You can buy and sell shares on any London business day. For full investment objectives and policy details please refer to the Prospectus. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within 5 years. This is an accumulation share class and any income from the Fund will remain in the Fund and is reflected in the share price. RISK AND REWARD PROFILE Lower risk Higher risk Typically lower rewards Typically higher rewards The Fund has been allocated a risk number based on the historic volatility of its share price or where insufficient information is available appropriate asset classes. 2 The level of targeted income is not guaranteed and may not be achieved. 2 This indicator is based on historical data, calculated using European Union rules, and may not be a reliable indication of the future risk profile of the Fund. 2 The risk and reward category shown is not guaranteed to remain unchanged and may change over time. The lowest category does not mean 'risk free'. 2 The value of investments and the income from them will change over time. 2 The Fund price may fall as well as rise and as a result you may not get back the original amount you invested. 2 Full information on the risks applicable to the Fund is detailed in the Prospectus. This key investor information is accurate as at 17 February 2017.

20 CHARGES One-off charges taken before or after you invest Entry charge Exit charge None None This is the maximum that might be taken out of your money before it is invested / before the proceeds of your investment are paid out. Charges taken from the Fund over a year Ongoing charges 0.81% Charges taken from the Fund under certain specific conditions Performance fee None The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. The entry and exit charges shown are maximum figures. In some cases (including when switching to other funds run by Aviva Investors UK Fund Services Limited) you might pay less you can find the actual entry and exit charges from your financial adviser/ distributor. The ongoing charges figure is based on last year's expenses for the year ending October The figure for ongoing charges excludes performance fees and portfolio transaction costs, except in the case of an entry/exit charge paid by the Fund when buying or selling units in another collective investment undertaking. For more information about charges, including a full explanation of any performance fee (if applicable) please see the charges sections of the Fund's Prospectus. PAST PERFORMANCE 2 Past performance is no guide to future performance. Return % 2 The past performance shown in the chart opposite takes into account all charges except entry charges. 2 The Share Class was launched on 18 July Performance is calculated in the Share Class currency which is GBP. 2 Source: Aviva Investors/Lipper, a Thomson Reuters company as at 31 December PRACTICAL INFORMATION Depositary - Citibank Europe plc, UK Branch. More practical information about the Fund and copies of the Prospectus and the latest annual and half yearly reports are available free of charge from Aviva Investors UK Fund Services Limited PO Box 10410, Chelmsford, CM99 2AY. These documents will be in English and cover the whole ICVC. The latest published price of shares in the Fund and other information on the Fund, including how to buy and sell shares, is also available at Shares other than Class 2 are offered by the Fund, as set out in the Prospectus. Aviva Investors UK Fund Services Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund. The details of the up-to-date remuneration policy of the Management Company, including the composition of its remuneration committee, a description of the key remuneration elements and an overview of how remuneration is determined, are available on the website A paper copy of the remuneration policy can be made available upon request and free of charge at the Management Company's registered office. You may switch between funds in the Aviva Investors Investments Funds ICVC. An entry charge may apply to a switch but it is normally waived on most funds other than the structured/ defined return funds. Details on switching are provided in the Prospectus. The Fund is subject to the tax laws and regulations of the United Kingdom. Depending on your own country of residence, this might have an impact on your investment. The liabilities of the Fund are segregated and the assets of this Fund will not be used to pay debts of other funds. The sub-fund launched on 28 April 1989, is authorised in the United Kingdom and regulated by The Financial Conduct Authority. Aviva Investors UK Fund Services Limited is authorised in the United Kingdom and regulated by The Financial Conduct Authority. This key investor information is accurate as at 17 February 2017.

21 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Standard Life Investments Global Index Linked Bond Fund, a Sterling denominated sub fund of the Standard Life Investment Company II, Platform 1 Accumulation Shares (ISIN:GB00B7C0H946). This fund is managed by Standard Life Investments (Mutual Funds) Limited. Objectives and Investment Policy The fund aims to provide long term growth from a combination of income and capital growth by investing predominantly in sovereign-issued and corporate inflation-linked bonds. The fund is actively managed by our investment team who may also invest in other bonds (such as conventional government bonds and corporate bonds) to try to take advantage of opportunities they have identified. Non-sterling denominated assets will typically be hedged back to sterling. Risk and Reward Profile Lower risk Typically lower rewards This indicator reflects the volatility of the fund's share price over the last five years which in turn reflects the volatility of the underlying assets in which the fund invests. Historical data may not be a reliable indication for the future. As the fund does not have a history of five years, a comparable fund or a representative benchmark has been used to show how the fund's share price may have behaved over the period. The current rating is not guaranteed and may change if the volatility of the assets in which the fund invests changes. The lowest rating does not mean risk free. Higher risk Typically higher rewards The fund is rated as {4} because of the extent to which the following risk factors apply: (a) The fund invests in securities which are subject to the risk that the issuer may default on interest or capital payments. (b) The fund price can go up or down daily for a variety of reasons including changes in interest rates, inflation expectations or the perceived credit quality of individual countries or securities. The fund will routinely use derivatives to reduce risk or cost, or to generate additional capital or income at low risk. Usage of derivatives is monitored to ensure that the fund is not exposed to excessive or unintended risks. Any income, for example interest income, received by the fund will be reinvested. Investors in the fund may buy and sell shares on any normal business day. Recommendation: the fund may not be appropriate for investors who plan to withdraw their money within five years. Investors should satisfy themselves that their attitude to risk aligns with the risk profile of this fund before investing. (c) Investing in derivatives carries the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions, such as a failure amongst market participants. The use of derivatives may result in the fund being leveraged (where economic exposure and thus the potential for loss by the fund exceeds the amount it has invested) and in these market conditions the effect of leverage will be to magnify losses. The fund makes routine use of derivatives. All investment involves risk. This fund offers no guarantee against loss or that the fund's objective will be attained. Past performance is not a guide to future returns and future returns are not guaranteed. The price of assets and the income from them may go down as well as up and cannot be guaranteed; an investor may receive back less than their original investment. Inflation reduces the buying power of your investment and income. The value of assets held in the fund may rise and fall as a result of exchange rate fluctuations. The fund could lose money if an entity (counterparty) with which it does business becomes unwilling or unable to honour its obligations to the fund. In extreme market conditions some securities may become hard to value or sell at a desired price. This could affect the fund s ability to meet redemptions in a timely manner. The fund could lose money as the result of a failure or delay in operational processes.

22 Charges The charges you pay are used to pay the costs of running the fund including marketing and distributing it. These charges reduce the potential growth of your investment. One off charges taken before or after you invest Entry charge: 0.00% Exit charge: 0.00% This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. Charges taken from the fund over a year Ongoing charges: 0.65% Charges taken from the fund under certain specific conditions Performance Fees: None Past Performance Standard Life Investments Global Index Linked Bond Fund, Platform 1 Accumulation Shares, 31 December 2016 % Returns 15 The entry and exit charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser. The ongoing charges figure reflects the amount based on expenses for the year ending 31/10/2016. This figure may vary from year to year. It excludes: performance fees (where applicable); portfolio transaction costs, except in the case of an entry/exit charge paid by the fund when buying or selling in another collective investment undertaking. A switching charge may be applied in accordance with the Prospectus. For more information about charges please see Prospectus. For more information about charges, please see the Prospectus which is available at Performance has been calculated over the stated period based on the share price of this share class. It does not take into account any entry, exit or switching charges but does take into account the ongoing charge, as shown in the Charges section. Past performance is not a guide to future performance The fund was launched in The share class was launched in The performance of the share class is calculated in Sterling Year Source: Standard Life Investments Practical Information Name of Depositary: Citibank Europe plc, UK Branch, Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB. Further information about Standard Life Investment Company II (Prospectus, report & accounts) can be found at where documents may be obtained free of charge. Other practical information (e.g. where to find latest share prices) can be found in documents held at Details of the up to date remuneration policy which includes a description of how remuneration and benefits are calculated, the identities of the persons responsible for awarding remuneration and benefits and the composition of the remuneration committee, are available at and a paper copy will be available free of charge upon request from Standard Life Investments (Mutual Funds) Limited. Prospective investors should consult their own professional advisers on the potential tax consequences of acquiring, holding or selling shares. Standard Life Investments (Mutual Funds) Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Standard Life Investment Company II. Other share classes are available in the fund and further information about these can be found in the Standard Life Investment Company II Prospectus. Standard Life Investment Company II is an umbrella structure comprising a number of different sub funds, one of which is this fund. This document is specific to the fund and share class stated at the beginning of this document. However, the Prospectus, annual and half-yearly reports are prepared for the entire umbrella. The assets of a sub fund within the umbrella belong exclusively to that sub fund and shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body including Standard Life Investment Company II and any other sub fund. Any liability incurred on behalf of or attributable to any sub fund shall be discharged solely out of the assets of that sub fund. Investors may switch their shares in the fund for shares in another sub fund within Standard Life Investment Company II. For further information please refer to the prospectus (section on 'Switching') which can be found at The Standard Life Investment Company II and Standard Life Investments (Mutual Funds) Limited are authorised in the United Kingdom and regulated by the Financial Conduct Authority. This Key Investor Information is accurate at 13/4/2017 Standard Life Investments Limited is registered in Scotland (SC123321) at 1 George Street Edinburgh EH2 2LL and is authorised and regulated by the Financial Conduct Authority. KIID_XG_32_Acc_N_GBP_GB_EN_

23 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. European Equity Income Fund, a Sterling denominated sub fund of the Standard Life Investment Company, Platform 1 Accumulation Shares (ISIN:GB00B7LG0W70). This fund is managed by Standard Life Investments (Mutual Funds) Limited. Objectives and Investment Policy The fund aims to provide income and some capital growth over the longer term by investing predominantly in the shares of companies listed on European stock markets, excluding the UK. The fund typically holds a concentrated portfolio of stocks and may also hold a proportion in government, corporate and other bonds to supplement the income of the fund. The fund is actively managed by our investment team, who will select stocks to try to take advantage of opportunities they have identified. Risk and Reward Profile Lower risk Typically lower rewards This indicator reflects the volatility of the fund's share price over the last five years which in turn reflects the volatility of the underlying assets in which the fund invests. Historical data may not be a reliable indication for the future. As the fund does not have a history of five years, a comparable fund or a representative benchmark has been used to show how the fund's share price may have behaved over the period. The current rating is not guaranteed and may change if the volatility of the assets in which the fund invests changes. The lowest rating does not mean risk free. Higher risk Typically higher rewards The fund is rated as {5} because of the extent to which the following risk factors apply: (a) The fund invests in securities which are subject to the risk that the issuer may default on interest or capital payments. (b) The fund price can go up or down daily for a variety of reasons including changes in interest rates, inflation expectations or the perceived credit quality of individual countries or securities. (c) The fund invests in equities and equity related securities. These are sensitive to variations in the stock markets which can be volatile and change substantially in short periods of time. (d) A concentrated portfolio may be more volatile than a more broadly diversified one. The fund may use derivatives to reduce risk or cost, or to generate additional capital or income at low risk. Usage of derivatives is monitored to ensure that the fund is not exposed to excessive or unintended risks. Any income, for example dividend income, received by the fund will be reinvested. Investors in the fund may buy and sell shares on any normal business day. Recommendation: the fund may not be appropriate for investors who plan to withdraw their money within five years. Investors should satisfy themselves that their attitude to risk aligns with the risk profile of this fund before investing. (e) The fund may invest in equities and equity related securities in European emerging markets. Investing in emerging markets involves a greater risk of loss than investing in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange, liquidity and regulatory risks. (f) Investing in derivatives carries the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions, such as a failure amongst market participants. The use of derivatives may result in the fund being leveraged (where economic exposure and thus the potential for loss by the fund exceeds the amount it has invested) and in these market conditions the effect of leverage will be to magnify losses. The fund does not make extensive use of derivatives. All investment involves risk. This fund offers no guarantee against loss or that the fund's objective will be attained. Past performance is not a guide to future returns and future returns are not guaranteed. The price of assets and the income from them may go down as well as up and cannot be guaranteed; an investor may receive back less than their original investment. Inflation reduces the buying power of your investment and income. The value of assets held in the fund may rise and fall as a result of exchange rate fluctuations. The fund could lose money if an entity (counterparty) with which it does business becomes unwilling or unable to honour its obligations to the fund. In extreme market conditions some securities may become hard to value or sell at a desired price. This could affect the fund's ability to meet redemptions in a timely manner. The fund could lose money as the result of a failure or delay in operational processes.

24 Charges The charges you pay are used to pay the costs of running the fund including marketing and distributing it. These charges reduce the potential growth of your investment. One off charges taken before or after you invest Entry charge: 0.00% Exit charge: 0.00% This is the maximum that might be taken out of your money before it is invested/before the proceeds of your investment are paid out. Charges taken from the fund over a year Ongoing charges: 0.90% Charges taken from the fund under certain specific conditions Performance Fees: None Past Performance European Equity Income Fund, Platform 1 Accumulation Shares, 31 December 2016 % Returns The entry and exit charges shown are maximum figures. In some cases you might pay less - you can find this out from your financial adviser. The ongoing charges figure reflects the amount based on expenses for the year ending 29/2/2016. This figure may vary from year to year. It excludes: performance fees (where applicable); portfolio transaction costs, except in the case of an entry/exit charge paid by the fund when buying or selling in another collective investment undertaking. A switching charge may be applied in accordance with the Prospectus. For more information about charges please see Prospectus. For more information about charges, please see the Prospectus which is available at Performance has been calculated over the stated period based on the share price of this share class. It does not take into account any entry, exit or switching charges but does take into account the ongoing charge, as shown in the Charges section. Past performance is not a guide to future performance The fund was launched in The share class was launched in The performance of the share class is calculated in Sterling Year Source: Standard Life Investments Practical Information Name of Depositary: Citibank Europe plc, UK Branch, Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB. Further information about the Standard Life Investment Company (Prospectus, report & accounts) can be found at where documents may be obtained free of charge. Other practical information (e.g. where to find latest share prices) can be found in documents held at Details of the up to date remuneration policy which includes a description of how remuneration and benefits are calculated, the identities of the persons responsible for awarding remuneration and benefits and the composition of the remuneration committee, are available at and a paper copy will be available free of charge upon request from Standard Life Investments (Mutual Funds) Limited. Prospective investors should consult their own professional advisers on the potential tax consequences of acquiring, holding or selling shares. Standard Life Investments (Mutual Funds) Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Standard Life Investment Company. Other share classes are available in the fund and further information about these can be found in the Standard Life Investment Company Prospectus. Standard Life Investment Company is an umbrella structure comprising a number of different sub funds, one of which is this fund. This document is specific to the fund and share class stated at the beginning of this document. However, the Prospectus, annual and half-yearly reports are prepared for the entire umbrella. The assets of a sub fund within the umbrella belong exclusively to that sub fund and shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body including Standard Life Investment Company and any other sub fund. Any liability incurred on behalf of or attributable to any sub fund shall be discharged solely out of the assets of that sub fund. Investors may switch their shares in the fund for shares in another sub fund within the Standard Life Investment Company. For further information please refer to the prospectus (section on 'Switching') which can be found at The Standard Life Investment Company and Standard Life Investments (Mutual Funds) Limited are authorised in the United Kingdom and regulated by the Financial Conduct Authority. This Key Investor Information is accurate at 16/1/2017 Standard Life Investments Limited is registered in Scotland (SC123321) at 1 George Street Edinburgh EH2 2LL and is authorised and regulated by the Financial Conduct Authority. KIID_X222_32_Acc_N_GBP_GB_EN_

25 Key Investor Information This document provides you with key investor information about this Fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest. M&G Short Dated Corporate Bond Fund a sub-fund of M&G Investment Funds (2) Sterling Class I Income shares ISIN no. GB00B8JXBQ82 Managed by M&G Securities Limited, which is part of the Prudential Group Objective and investment policy The fund aims to provide income with stability of capital over three to five years. There is no guarantee that the fund will achieve this objective over any period. The income distributions and the value of your investment may rise and fall and you may not get back the amount you originally invested. Core investment: At least 70% of the fund is invested in bonds. Typically, these bonds are issued by companies due to be repaid within three years and floating rate notes. The fund holds these assets directly and through derivatives. Other investments: The fund also invests in bonds issued by governments (usually of developed countries) and high yield bonds. In some market conditions, the fund may have a high proportion invested in liquid assets (that is, assets that are easy to sell, such as cash). Use of derivatives: Derivatives may be used to gain exposure to the fund s core and other investments, to reduce risks and costs and to manage the impact of changes in currency exchange rates on the fund s investments. Strategy in brief: Credit research is at the heart of the fund s investment process. The fund is well diversified and maintains a short duration, or low sensitivity to changes in interest rates, in order to minimise the impact of interest rate movements on the fund s capital value. The fund manager believes this can best be achieved by selecting bonds that pay a variable rate and bonds that have a short repayment date. Glossary terms Bonds: Loans to governments and companies that pay interest. Derivatives: Financial contracts whose value is derived from other assets. Floating rate notes (FRNs): A type of bond whose interest payments, or coupons, are adjusted in line with movements in interest rates. High yield Bonds: Bonds issued by companies considered to be riskier and therefore generally paying a higher level of interest. Other information The fund may invest more than 35% in securities issued or guaranteed by a member state of the European Economic Area or other countries listed in the fund s Prospectus. This investment may be combined with the use of derivatives in pursuit of the fund s investment objective. The fund manager has the freedom to decide which investments should be held in the fund. You can buy and sell shares in the fund on any business day. Provided we receive your instructions before 12 noon, shares will be bought at that day s price. If you hold Income shares, any income from the fund may be paid out to you quarterly. In addition to the charges set out in the charges section, the fund will incur portfolio transaction costs which are paid from the assets of the fund. These can be higher when investing outside Europe. Risk and reward profile Low risk Typically lower rewards High risk Typically higher rewards The above risk number is based on simulated historical data and may not be a reliable indicator of the future risk profile of the Fund. The risk number shown is not guaranteed and may change over time. The lowest risk number does not mean risk free. The main risks that could affect performance are set out below: The value of investments and the income from them will rise and fall. This will cause the fund price, as well as any income paid by the fund, to fall as well as rise. There is no guarantee the fund will achieve its objective, and you may not get back the amount you originally invested. When interest rates rise, the value of the fund is likely to fall. The value of the fund may fall if the issuer of a fixed income security held is unable to pay income payments or repay its debt (known as a default). The fund may use derivatives with the aim of profiting from a rise or a fall in the value of an asset (for example, a company s bonds). However, if the asset s value varies in a different manner, the fund may incur a loss. Where market conditions make it hard to sell the fund s investments at a fair price to meet customers sale requests, we may temporarily suspend dealing in the fund s shares. Some transactions the fund makes, such as placing cash on deposit, require the use of other financial institutions (for example, banks). If one of these institutions defaults on their obligations or becomes insolvent, the fund may incur a loss. A more detailed description of the risk factors that apply to the fund can be found in the fund s Prospectus UK K1 TREF GBP I EN UK

26 Charges The charges shown in the table are used to pay the costs of running the fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry charge 0.00% Exit charge 0.00% The entry charge is the maximum that might be taken out of your money before it is invested. Charges taken from the fund over a year Ongoing charge 0.55% Charges taken from the fund under certain specific conditions Performance fee None The entry and exit charges shown are the maximum figures and, in some cases, you may pay less. You can find out the exact charges which apply to your investment by contacting your financial adviser or distributor or, if you have invested directly with us, you can contact us using the details given in the practical information section. The ongoing charge is based on expenses for the year ending 31 May This figure may change from year to year. It excludes portfolio transaction costs. For Income shares, the ongoing charge is taken from investments held in the fund s portfolio and not from the income these investments produce. The deduction of this charge will reduce the potential growth of your investment. Past performance % (1.0) (2.0) 2007 Fund (1.2) Past performance is not a guide to future performance. The past performance calculation excludes UK taxes from 1 December It does not take into account the entry and exit charges but does take into account the ongoing charge, as shown in the charges section. The Fund launched on 29 January 1993 and the Sterling Class I Income share class launched on 9 November Sterling Class I shares do not have 10 complete years of past performance information available as they launched on 9 November Therefore, past performance information for Sterling Class A shares has been used for the period 1 January November r 1 September The fund changed its objective. The past performance shown before this change was therefore achieved under circumstances that no longer apply. For more information about this change, visit For more information on charges, please see the relevant sections of the Prospectus at Practical information UK K1 TREF GBP I EN UK The depositary is National Westminster Bank plc. For more information about this fund, please visit where you will find a copy of the Prospectus, Instrument of Incorporation, and the latest annual or interim Investment Report and Financial Statements. These documents are in English and are available free of charge. Our website also provides other information such as share prices. UK tax laws apply to the fund, and this may affect your personal tax position. Please speak to an adviser for more information. M&G Securities Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the fund. The fund is a sub-fund of M&G Investment Funds (2), an umbrella Open Ended Investment Company (OEIC). The Prospectus, and annual or interim Investment Report and Financial Statements contain information about all of the sub-funds in M&G Investment Funds (2). The assets of each sub-fund within the umbrella OEIC are segregated by law. This means that the assets belong exclusively to that sub-fund and shall not be used or made available to pay the debts of any other sub-fund or the umbrella OEIC. You may switch between other sub-funds of M&G Investment Funds (2). An entry charge may apply. Details on switching are provided in the Important Information for Investors document and the fund s Prospectus, or by calling M&G Customer Relations on Other share classes may exist for the fund as set out in the relevant Prospectus. For up-to-date details of the staff remuneration policy that applies to M&G Securities Limited, including a description of how remuneration and benefits are calculated, the make-up of the remuneration committee, and the identities of persons responsible for awarding the remuneration and benefits, please visit We will provide a paper copy of this information, free of charge, if you require one. This Fund is authorised in the UK and regulated by the Financial Conduct Authority. M&G Securities Limited is authorised in the UK and regulated by the Financial Conduct Authority. This key investor information is accurate as at 28 April 2017.

27 Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Royal London UK Equity Income Fund (Accumulation - Class M Shares) A sub-fund of Royal London Equity Funds ICVC ISIN: GB00B8Y4ZB91 Managed by Royal London Unit Trust Managers Limited Objectives and investment policy Objective To achieve a combination of income and some capital growth. Policy The Fund invests mainly in the shares of UK companies which pay a higher level of income. The Fund may also invest a small portion in other UK shares. The Fund may use derivatives, but for efficient portfolio management purposes only. Recommendation The Fund may not be appropriate for investors who plan to withdraw their money within 5 years. Concepts to understand Derivative A financial instrument whose price is dependent upon or derived from one or more underlying asset. Efficient Portfolio Management An investment technique that allows the use of derivatives for at least one of the following purposes: to increase the value of the Fund; to protect the value of the Fund or to reduce the risks of certain investments. UK companies Companies which are established in the UK or which carry out a significant part of their business activities in the UK. You can buy and sell your shares on each working day, except public holidays, at 12:00 noon if you tell us before 12:00 noon that you want to do so. Instructions received after 12:00 noon will be processed at 12:00 noon on the following working day. The following share classes are available for the Fund: Income A, Income M, Accumulation M, Income Z. All share classes are subject to a minimum investment. If this is an income share class, any net income will be paid out to you. If this is an accumulation share class, any net income will be reinvested in the Fund. Risk and reward profile Lower potential risk/reward Higher potential risk/reward The risk and reward indicator is not a measure of the expected rise or fall in capital but shows how sharply the Fund s share price has gone up and down historically. A fund whose share price has experienced sharp or large increases or decreases will sit in a higher risk category, whereas a fund whose share price has experienced small or gradual increases or decreases will sit in a lower risk category. The Fund is ranked in risk category 5 because its unit price has shown a medium to high level of volatility historically. As an investment, bonds are typically more volatile than money market instruments but less volatile than shares. Bonds issued by corporations are typically more volatile than bonds issued by governments. The indicator has been calculated using historical data and may not be a reliable indication of the future risk profile of the Fund. The indicator is calculated using a standard methodology that is used by all companies offering such funds in Europe. The risk/reward indicator is an estimate and not a guarantee. Going forward, the Fund s actual volatility could be higher or lower, and its rated risk/reward profile could change. The lowest risk category does not mean the investment is risk free. The risk indicator does not adequately capture the following risks, which are materially relevant to the Fund: Concentration Risk Funds which invest in a smaller number of securities can carry more risk than funds spread across a larger number of companies. To the extent that the Fund has exposure to an issuer, geographical area or type of security that is heavily affected by an event, either positive or negative, its value may rise or fall. Liquidity Risk In difficult market conditions the value of certain fund investments may be less predictable than normal. In some cases this may make such investments harder to sell at the last quoted market price, or at a price considered to be fair. Such conditions could result in unpredictable changes in the value of your holding. For more about fund risks, see the risk factors section in the full Prospectus ( Prices/) 1of2

28 Charges The charges you pay as an investor in the Fund go to cover fund operating costs. These charges reduce the performance of your investment. One-off charges taken before or after you invest: Entry charge 0.00% Exit charge 0.00% Charges taken from the fund over a year: Ongoing charge 0.68% Charges taken from the fund under specific conditions: Performance fee none The entry and exit charge is the maximum that might be taken out of your money before it is invested or before the proceeds of your investment are paid out. For the entry and exit charges, if you are not eligible for this share class you will pay more than the amounts shown. Consult your financial adviser. The ongoing charges figure is based on expenses for the year ending 31 August This figure may vary from year to year and does not include portfolio transaction costs. Ongoing charges are the same for all investors. The charges you pay are used to pay the costs of running the Fund. These charges reduce the potential growth of the investment. For more about charges, see the expenses section in the full Prospectus and supplement ( Prices/) Past performance The graph shows fund performance over the past 5 years where available. Past performance is no guarantee of future performance. The figure for a given year shows how much the Fund increased or decreased in value during that year. These results reflect ongoing charges taken from the Fund, but do not reflect any entry charges you might have to pay. The Fund was launched on 11 April 1984 and the share class on 26 November The Fund was initially launched as a unit trust but was converted to an open-ended investment company (OEIC) with effect from 5 November The Royal London UK Equity Income Fund (Accumulation - Class M Shares) (Class M) in GBP 35% 30% 25% 20% 15% 10% 5% 0% Fund Practical information Depository HSBC Bank plc Additional Information: This Key Investor Information Document (KIID) may not contain all the information you need. For additional information on the Fund (including the Supplementary Information Document), on other shares of this Fund and on other funds, or to obtain a free copy of the Fund s Prospectus or the annual and semi-annual shareholder reports, call the Information Line or write to the registered office, details of which are below. Alternatively, visit The Prospectus and shareholder reports are in English. This KIID describes one share class of the Fund. The Prospectus and annual and semi-annual shareholder reports are prepared for the entire Fund across all share classes. For fund performance and most recent share price, go to Should you wish to switch share classes or funds, please see the Switching section of the Prospectus for details. Tax: Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of their investment in the Fund. Contact your adviser to discuss tax treatment, suitability of this investment, and other questions. Notices: Royal London Unit Trust Managers may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the UCITS. The Fund is a sub-fund of Royal London Equity Funds ICVC (a UCITS umbrella company). The prospectus and long reports (shareholder reports) are prepared for the entire company. The assets and liabilities of each sub-fund are segregated by law. Therefore, the assets of the fund belong exclusively to it and are not available to meet the liabilities of any other fund of Royal London Equity Funds ICVC. This Fund is authorised in the United Kingdom and regulated by the Financial Conduct Authority (FCA). Details of the Company's remuneration policy are available at including: (a) a description of how remuneration and benefits are calculated; and (b) the identities of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, on request from the Company, at the address below. Address: Royal London Asset Management 55 Gracechurch Street, London EC3V 0RL Telephone: Website: A member of the Investment Association Publication Date: This Key Investor Information is accurate as at 14 February Key Investor Information 2 of 2 Royal London UK Equity Income Fund (Accumulation - Class M Shares)

29 KEY INVESTOR INFORMATION This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. THREADNEEDLE UK EQUITY INCOME FUND (THE "FUND") Class Z Accumulation Shares (GBP) GB00B888FR33, a sub-fund of Threadneedle Investment Funds ICVC (the "Company"), regulated by the FCA. This sub-fund is managed by Threadneedle Investment Services Limited (the "Management Company") (part of the Columbia and Threadneedle group of companies). Objectives and Investment Policy The aim of the Fund is to provide income with the potential to grow the amount you invested. The Fund invests at least two-thirds of its assets in shares of UK companies. The Fund may also invest in asset classes and instruments different from those stated above. Risk and Reward Profile The Risk and Reward Indicator table demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. The shaded area in the table below shows the Fund s ranking on the Risk and Reward Indicator. Income from investments in the Fund will be added to the value of your shares. Lower Risk, Typically lower rewards Higher Risk, Typically higher rewards You can buy and sell shares in the Fund on any day that is a business day in London. You can find more detail on the objectives and investment policy of the Fund in the section of the prospectus with the heading Investment Objectives, Policies and Other Details of the Funds. As part of the investment process, the Fund will make reference to the FTSE All-Share Index. However, the Fund makes active investment decisions and it is likely that additional positions will be held outside the index The Fund is rated 5 because historically it has shown a medium to high level of volatility (how much the value of the Fund goes up and down). The lowest category does not mean a risk-free investment. The value of investments can fall as well as rise and investors might not get back the sum originally invested. Where investments are in assets that are denominated in multiple currencies, or currencies other than your own, changes in exchange rates may affect the value of the investments. The Fund may invest in derivatives with the aim of reducing risk or minimising the cost of transactions. Such derivative transactions may benefit or negatively affect the performance of the Fund. The Manager does not intend that such use of derivatives will affect the overall risk profile of the Fund. The risks currently identified as applying to the Fund are set out in the Risk Factors section of the prospectus. Page 1 of 2

30 Charges The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Entry Charge: 3.00% Exit Charge: 0.00% These are the maximum charges that we might take out of your money before it is invested. In some cases, you might pay less and you should speak to your financial adviser about this. Charges taken from the fund over a year Ongoing Charges: 0.82% Charges taken from the fund under specific conditions Performance Fee: NONE The ongoing charges figure is based on expenses for the year ending 07/03/16. This figure may vary from year to year. It excludes the costs of buying or selling assets for the Fund (unless these assets are shares of another fund). All or part of the fees and expenses of the company may be charged against capital instead of against income. Past Performance 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% Fund Index* 30/ Past performance is not a guide to future performance. Fund launch date: 30/09/1985 Share/unit class launch date: 01/10/2012 Performance is calculated in GBP. All charges and fees, except any entry, exit and switching charge, have been included within the performance. fl Past performance before share class launch date includes data for another share / unit class or fund with similar characteristics. Please refer to for further details. *FTSE All-Share (Although the Fund makes reference to the index as part of the investment process, it is not intended that the performance of the Fund should track the index.) Source: Morningstar Practical Information Depositary: Citibank Europe plc, UK branch. You can obtain further information regarding the Fund, the Company, its Prospectus, latest annual reports and any subsequent half-yearly reports free of charge from the Management Company. The documents are available in English, French, German, Portuguese, Italian, Spanish and Dutch (no Dutch Prospectus). You can obtain other practical information, including current share prices, at columbiathreadneedle.com. Details of the remuneration policy, including a description of how remuneration and benefits are calculated and the persons responsible for awarding them (including the composition of the remuneration committee), are available at columbiathreadneedle.com. A paper copy is available free of charge upon request. The tax legislation of the United Kingdom may have an impact on your personal tax position. Threadneedle Investment Services Limited may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the prospectus for the UCITS. This document describes a single fund of the Company. The prospectus and reports are prepared for the entire Company. The assets of the Fund are segregated by law cannot be used to pay the liabilities of other funds of the Company. You may exchange your shares for shares of other funds of the Company, if available. Details can be found in the section of the prospectus with the heading "Switching/Converting". Details of other share classes of the Fund can be found in the Prospectus or at columbiathreadneedle.com. This Fund is authorised in the United Kingdom, and regulated by the Financial Conduct Authority. Threadneedle Investment Services Limited is authorised in the United Kingdom, and regulated by the Financial Conduct Authority. This Key Investor Information is accurate as at 13/01/2017. Page 2 of 2 en-gb